LONDON: Global crude oil prices have risen, with Brent crude surpassing $103 per barrel amid renewed concerns over supply and geopolitical developments.
According to a news agency, Brent crude gained $1.14 to reach $103.73 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 34 cents to $89.72 per barrel.
The rise in oil prices has been attributed largely to U.S. President Donald Trump’s denial that he was prepared to ease sanctions imposed on Iran.
Brent crude is on track to record an increase of around 14% this month, which would mark its largest monthly gain since July.
Meanwhile, WTI crude is expected to register a monthly increase of around 4%.